The Westgate Oxford Alliance, a joint venture between Land Securities and the Crown Estate and owner of the adjacent Westgate Shopping Centre, is the new owner of the city's Castle Quarter in Oxford, which comprises restaurants, bars, 40 leasehold apartments, education centre, art gallery and heritage visitor's attraction, as well as the hotel.
Launched in 2006, following its development by the Trevor Osborne Property Group, Malmaison is located within what was formerly Oxford Caste. Dating back to the 11th century, the property was used as a prison from 1785 to 1996. The regeneration of the prison and the surrounding area, known as the Castle Quarter, has won extensive awards and was opened by the Queen.
Trevor Osborne said that Castle Quarter was "a landmark regeneration project" relevant to the disposal of other redundant Victorian prisons in the UK. "The sale price demonstrates that heritage regeneration can be profitable over a period of time."
JLL's hotels and hospitality group and leisure teams advised the Trevor Osborne Property Group on the deal.
Malmasion Oxford is one of seven out of 29 hotels under the Malmaison and Hotel du Vin brands which are operated on long-term leases by Frasers Hospitality UK. The other 22 hotels are owned by Frasers, which acquired the two brands in June 2015 for £363.4m.
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